Japanese mobile carrier SoftBank says it has raised almost 100 billion USA dollars with Saudi partners to launch a major global fund for long-term, high-tech investment.
The pool of investors includes Apple, Qualcomm, UAE-based Mubadala Investment Company, Saudi Arabia's PID public fund, Foxconn, and Foxconn-owned Sharp.
The fund aims for $100 billion of committed capital and expects to complete its money-raising in six months, it added.
The fund is now headed by Softbank Group founder and CEO Masayoshi Son and India born Rajeev Misra, designated as CEO of SVF, at the time of launch in October 2016.
Son's pledge to Trump to invest $50 billion in the United States and create 50,000 new jobs was light on details but spoke to the president's election promise to boost economic growth by making deals with individual companies, rather than through complicated trade deals.
The announcement for the fund was made During US President Donald Trump's visit to Riyadh.
This coming as Softbank founder Masayoshi Son plans to accelerate his financing of cutting-edge technologies and startups.
SBG created the SoftBank Vision Fund because of a strongly held belief that the next stage of the Information Revolution is underway, and building the businesses that will make this possible will require unprecedented large scale long-term investment.
While Saturday's statement did not reveal how much the PIF had committed to the fund, but previously it has said it would invest up to $45 billion over five years.
"The new fund said it would seek to buy minority and majority interests in both private and public companies, from emerging businesses to established, multi-billion-dollar firms".
Yasir Alrumayyan, managing director of Saudi Arabia's sovereign wealth fund, said the fund will help his country's strategy of developing "a diversified, knowledge-based economy".
The PIF will have the right to acquire certain investments already acquired (or agreed to be acquired) by the SoftBank Group. The Softbank and Foxconn contribution to the deal would be close to $50 billion as noted in the graphic above of a presentation sheet used in Son's pitch.
"Rajeev Misra will serve as the CEO of SB Investment Advisers and will be a member of the Investment Committee".
The fund will invest in a range of sectors including mobile computing, computational biology, communications infrastructure, consumer internet businesses as well as financial technology.